MIE 305 Final Exam Study Guide
Possession - *answers *Bundle of Right that is the right to claim title over the property,
one exerts dominion and ultimate power over it
Control - *answers *Bundle of Right that is the right to decide how the property is to be
used, or employed
Enjoyment - *answers *Bundle of Right that is the means by which the rights-holder can
decide how to use the property. Others can violate this through the law of nuisance.
Exclusion - *answers *Bundle of Right that gives the rights holder the legal ability to
determine who or what is not allowed on the property
Alienation/Disposition - *answers *Bundle of Right that is the right to dispose of any or
all of the rights one holds in property through sale, gift, or lease
Encumbrance - *answers *Bundle of Right that is the right to encumber the property
(servitudes, easements, mortgages, collateral, etc.)
Real Property - *answers *The legal interests in land and things attached to or growing
on land
Chattel Property - *answers *Personal property (car, boat, etc.)
Tenancy in Common - *answers *Most usual method of 2+ people owning property at
the same time, no formalities required. Do not require equal ownership %
Joint Tenancy - *answers *Similar to TIC, but interest of a deceased owner
automatically passes to the surviving joint owner(s)
Life Estate - *answers *Enables landowners to provide for those they desire while
reducing both income and estate taxes by will or deed
Freehold - *answers *A permanent and absolute ownership of land with freedom to
dispose of it at will
Leasehold - *answers *The holding of property by lease
Time - *answers *First unity of joint tenancy, each co-tenant's interested vested or was
acquired at the same time as the others'
Title - *answers *Second unity of joint tenancy, each co-tenant acquired his or her
interest in the same deed or will as the others'
Interest - *answers *Third unity of joint tenancy, each must have identical interests as
to their share and quality of title
, MIE 305 Final Exam Study Guide
Possession - *answers *Fourth unity of joint tenancy, all co-tenants have rights to
possess the entire undivided property
Tenancy for a Stated Period - *answers *A type of lease that lasts for a specific time
state in the lease
Tenancy from Period to Period - *answers *A type of lease that can run year to year
unless terminated by the parties
Tenancy at Will - *answers *A type of lease that has no fixed period and can be
terminated by either party at any time upon giving the prescribed statutory notice
Tenancy at Sufferance - *answers *A type of lease that occurs when a tenant holds
over without consent of the landlord
Eviction - *answers *An action by a landlord to expel a tenant
Lien - *answers *The right of one person to keep possession or control of the property
of another for the purpose of satisfying a debt
Distress for Rent - *answers *The taking of personal property of a tenant in payment of
rent
Patent - *answers *A set of rights granted to an inventor that provides the inventor
exclusive ability to make, use, and sell an invention for a limited time
Utility Patent - *answers *A type of patent granted for a useful innovative item or
process, or an improvement to an existing item
20 years - *answers *How long utility patents last
Design Patent - *answers *Provide protection to the appearance of a product
14 years - *answers *How long design patents last
Plant Patent - *answers *A patent given to a person who invests or discovers and then
asexually reproduces any distinct and new variety of plant
20 years - *answers *How long plant patents last
Trademark - *answers *A distinctive word, name, symbol, or device that is not
functional itself and works to ID a particular good or service
Lanham Act - *answers *Principal federal trademark law of the US
Possession - *answers *Bundle of Right that is the right to claim title over the property,
one exerts dominion and ultimate power over it
Control - *answers *Bundle of Right that is the right to decide how the property is to be
used, or employed
Enjoyment - *answers *Bundle of Right that is the means by which the rights-holder can
decide how to use the property. Others can violate this through the law of nuisance.
Exclusion - *answers *Bundle of Right that gives the rights holder the legal ability to
determine who or what is not allowed on the property
Alienation/Disposition - *answers *Bundle of Right that is the right to dispose of any or
all of the rights one holds in property through sale, gift, or lease
Encumbrance - *answers *Bundle of Right that is the right to encumber the property
(servitudes, easements, mortgages, collateral, etc.)
Real Property - *answers *The legal interests in land and things attached to or growing
on land
Chattel Property - *answers *Personal property (car, boat, etc.)
Tenancy in Common - *answers *Most usual method of 2+ people owning property at
the same time, no formalities required. Do not require equal ownership %
Joint Tenancy - *answers *Similar to TIC, but interest of a deceased owner
automatically passes to the surviving joint owner(s)
Life Estate - *answers *Enables landowners to provide for those they desire while
reducing both income and estate taxes by will or deed
Freehold - *answers *A permanent and absolute ownership of land with freedom to
dispose of it at will
Leasehold - *answers *The holding of property by lease
Time - *answers *First unity of joint tenancy, each co-tenant's interested vested or was
acquired at the same time as the others'
Title - *answers *Second unity of joint tenancy, each co-tenant acquired his or her
interest in the same deed or will as the others'
Interest - *answers *Third unity of joint tenancy, each must have identical interests as
to their share and quality of title
, MIE 305 Final Exam Study Guide
Possession - *answers *Fourth unity of joint tenancy, all co-tenants have rights to
possess the entire undivided property
Tenancy for a Stated Period - *answers *A type of lease that lasts for a specific time
state in the lease
Tenancy from Period to Period - *answers *A type of lease that can run year to year
unless terminated by the parties
Tenancy at Will - *answers *A type of lease that has no fixed period and can be
terminated by either party at any time upon giving the prescribed statutory notice
Tenancy at Sufferance - *answers *A type of lease that occurs when a tenant holds
over without consent of the landlord
Eviction - *answers *An action by a landlord to expel a tenant
Lien - *answers *The right of one person to keep possession or control of the property
of another for the purpose of satisfying a debt
Distress for Rent - *answers *The taking of personal property of a tenant in payment of
rent
Patent - *answers *A set of rights granted to an inventor that provides the inventor
exclusive ability to make, use, and sell an invention for a limited time
Utility Patent - *answers *A type of patent granted for a useful innovative item or
process, or an improvement to an existing item
20 years - *answers *How long utility patents last
Design Patent - *answers *Provide protection to the appearance of a product
14 years - *answers *How long design patents last
Plant Patent - *answers *A patent given to a person who invests or discovers and then
asexually reproduces any distinct and new variety of plant
20 years - *answers *How long plant patents last
Trademark - *answers *A distinctive word, name, symbol, or device that is not
functional itself and works to ID a particular good or service
Lanham Act - *answers *Principal federal trademark law of the US
